QEF Queen ElSzabeth's Foundatlon for Dlsabled People Queen Elizabeth's Foundation For Disabled People Financial Statements For the year ended 31 March 2024 CHARITY NO. 251051 COMPANY REGISTFIATION NO. 00892013 Queen Elizabeth's Foundètion for Dlsabled People QEF Enabling Potential QEF queen Ellzabeth's Foundation for Disabled People TRUSTEES, SENIOR MANAGERS AND ADVISORS PRESIDENT CORINNA, LADY HAMILTON OF DALZELL DL CHAIR GORDON BOWSER BOARD OF TRUSTEES PAUL BEATER (resigned 27 July 2023) MOIRA BOWIE GORDON BOWSER ALICE COLLINS STEPHEN COLLINSON MICHAEL CONNAUGTON TIMOTHY JASON DAVIES (resigned 3 May 2023) ABIGAIL PRICE {resigned 25 September 2024) GRAHAM RUSLING (appointed 4 October 2023) ELIZABETH SHARP CHRISTOPHER THORNE (resigned 10 October 2023) CHIEF EXECUTIVE KAREN DEACON COMPANY SECRETARY PHILIP KIRK REGISTERED ADDRESS LEATHERHEAD COURT OFFICE WOODLANDS ROAD LEATHERHEAD, SURREY. KT22 OBN BANKERS NATIONAL WESTMINSTER BANK PLC 57 VICTORIA STREET LONDON, SW1 H OHN SOLICITORS BLAKE MORGAN LLP NEW KINGS COURT, TOLLGATE, CHANDLER'S FORD EASTLEIGH, HAMPHIRE, S053 3LG INDEPENDENT AUDITORS MOORE KINGSTON SMITH LLP 9 APPOLD STREET LONDON, EC2A 2AP QEF queen Elizabeth's Foundation for Disabled People CONTENTS CEO and Chairman's Statement page 4 Trustees Report page 6 Main Activities page 7 Looking Forward page 12 Structure, Governan￿ and Management page 13 Financial Review page 16 Statement of Trustees, Responsibilities page 18 Independent Auditors, Report to the Members of Queen Elizabeth's Foundation for Disabled People page 20 Group Balance Sheet page 25 Consolidated Statement of Financial Activities page 26 Group Cash Flow Statement page 27 Notes to the Financial Statements page 28 QEF Queen Elizabeth's Foundation for Disabled People CEO AND CHAIRMAN'S STATEMENT QEF is passionate about delivering person-centred, expert seNices that focus on individual needs. Over the last three years our key aims have been to deliver operational excellence., strengthen our business, and seek innovative and sustainable solutions. We have had to adapt our objectives during this time to react to the challenging external environment and stabilise our financial position while continuing to deliver high quality care. As part of this process, we have refocused our activilies on the areas where we can have the most impact for disabled people and in Spring 2023, we made the reluctant decision lo close our Independent Living Service, based at Dorincourt. Whilst the planned closure in July 2023 understandably caused uncertainty and anxiety for the residents and their families, we are pleased to report that most clients were offered suitable alternative placements within the six months, notice period. In addition, we were able to offer interim placements at our Care and Rehabilitation centre for the remaining five individuals while their future placements were finalised. As part of the restructuring, we were able to redeploy 49 staff from the Dorincourt Independent Living Service across the rest of the organisation, retaining their skills and experience and helping to reduce staffing shortages in these areas. Nevertheless, as with others providers in the health and social care sector, we remain reliant on agency staff. Within our Care and Rehabilitation centre, we use regular agency staff to ensure that care is delivered consistently and that client outcomes are achieved. But agency staff are expensive, and this increases the cost pressures on the organisation. As has previously been noted, the financial pressures on QEF have been significant for the last few years and the outlook remains challenging. We continue to aclively recruit to our vacant positions, but the market is competitive with a national shortage of therapists and other key skills, resulting in upward pressure on salaries. In addition, while we welcomed Ihe 9.8 % increase in the National Living Wage from April 2024 for the staff affected, the uplifts in fees we have received from social care and health authorities have not been commensurate. Planned changes to employment costs from April 2025 arising from the 2024 Autumr) Budget will further increase the economic pressure. Despite these challenges, we continue to provide high quality personalised care and support across all our services. Our Care and Rehabilitation Centre (CRC) has now been operational for foLrr years and has supported over 550 people during that time with stays of belween 1 week (for respite care) to long term placements lasting from the date the service opened. Our clinical service delivery now comprises.. Neuro-rehabilitation General rehabilitation Long-term neurological care including slow-stream rehabilitation Short-term support including residential respite and out-patients QEF Queen Elizabèth's Foundatlon for Disabled People Over the last year, we have diversified our clinical interventions and practices through the implementation of technology assisted therapy equipment, the most recent being the Tyro Motion kit. In April 2024, we commenced a partnership with Chroma Neurologic Music Therapy who will be undertaking a six-month pilot within the service. In April 2024, we were also delighted lo welcome a new consultant of Rehabilitation Medicine, Dr Jonathan Mamo, who brings a wealth of knowledge and expertise, and will play a key role in defining the service going forward. We commissioned an external review of the CRC seNice and have implemented an action plan to develop and grow this service further over the next 3 years. To execute this plan, we have strengthened the clinical and management team at the CRC. We have invested in a Business Development team who are working more closely with our NHS partners and identifying new opportunities. The funding constraints that the NHS faces have impacted our occupancy over the 2023-24 winter months and, going fo￿ard, the Business Development Team will be focused on stabilising occupancy throughout the year. This will enable us to deliver a more sustainable and consistent service, and support more individuals achieve their desired outcomes. The work that the CRC do is vital in helping people regain skills and independence following a traumatic health event or medical condition. We continue to be humbled by our clients, stories and the strength and resilience that they and their families demonstrate through very challenging times. During the year, compliance lesting undertaken on our mini powered wheelchair {Bugzil identified some technical and safety related issues. In consultation with the Medicines and Healthcare products Regulatory Agency (MHRA), the decision was made to ask users to stop using Bugzis until the issues were resolved. The suppliers of the affected parts rectified the issue, and after a rigorous and lengthy testing program, corrective equipment was reissued. The issues were fully resolved by October 2024. Our Mobility service has had a very slrong year due in part to the success of the new hub in Southampton, which we opened at the request of the Department for Transport and Driving Mobility. The team have also been working closely with the CRC, supporting clients as part of their discharge planning process and where possible, increasing their independence. We are, as ever, grateful to all our supporters and volunteers for their commitment, time and support across the organisation. We would also like to extend our gratitude to the Trustees for their support, commitment, and guidance throughout the year. In particular, we would like to thank Chris Thorne and Abby Price, both who stepped down as trustees over the last 12 months. Both Chris and Abby remain staunch QEF friends and supporters. We are lucky to have a dedicated team of loyal, committed staff who ensure that QEF conlinues to deliver good quality services, supported by our agency staff. We are grateful to all members of QEF fortheir contributions throughout the year. We continue to strive to deliver excellent seNices and enable as many people as possible to live independent and inclusive lives. QEF Queen Elizabeth's Foundatlon for Disabled Peoplè TRUSTEES, REPORT The Trustees are pleased to present their Report and Financial Statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Finaricial Reporting Standard applicable in the UK and Republic of Ireland. The report and statements also comply with the Companies Act 2006 and the Charities Act 2011. Purpose of the charity Queen Elizabeth's Foundalion for Disabled People (QEF) is a leading charity with almost 90 years, experience of developing innovative services which enable and support people with disabilities to increase independence and improve opportunities for life. Whether it is gaining new skills to live independently, neuro-rehabilitation after a brain injury or stroke or improving independence through increased mobility., QEF helps disabled people to fulfil their potential in life. What we do The services we offer include the following.. Care and Rehabilitation Centre {CRC) - neurorehabilitation rehabilitation for those with an acquired brain injury such as a stroke or a traumatic injury or neurological condition such as Guillan barre syndrome, multiple sclerosis, incomplete spinal cord injury and general rehabilitation for those who are off their baseline functionality following a period of acute illness or hospitalisation. Residential Care and Supporting Living - long term specialist care for complex disabilities at The Grange (2016) Ltd in Kent. Independent Mobility mobility driving assessments, wheelchair and scooter assessments, accessible aviation and seat assessments, mobility and disability aids. MERU providing Bugzi mini-powered wheelchairs for young children, and adapted toys. These services are supported by the following teams.. Retail Trading with 15 Retail Shops Engagement and Partnerships Team (Fundraising) Finance and IT People Team (Human Resources) Marketing and Communication Facilities Managemenl QEF Developments Limited The Grange {2016) Ltd, QEF Trading Limited and QEF Developments Limited are limited companies and wholly owned subsidiaries. QEF Queen Elizabèth's Foundation for Dlsabled People Geographical Reach QEF is based in Surrey and Kent, providing most of its residential and mobility services in the South East Region, covering London, Surrey, Essex, Hertfordshire, Berkshire, Kent, Buckinghamshire and Hampshire. MERU designs and sells products UK-wide. Vision Statement Our vision is for everyone we support to be able to live the life they choose in a fully inclusive society. To achieve our vision, we deliver expert services that enable disabled people of all ages to achieve their potential so they can be as independent as possib5e and live enriched lives. Values and behaviours We believe: Everyone matters Everyone works together Everyone makes a difference Public benefit The Trustees confirm they have given due consideration to the Charity Commission's guidance and thal QEF'S purpose is for public benefit. MAIN ACTIVITIES QEF Care and Rehabilitation Centre (CRC) The CRC is situated near Leatherhead in Surrey and is a 48-bed purpose-built CQC registered seNice which specialises in neuro-rehabilitation. The CRC supports people to enhance their quality of life and core skills to maximise their Independen￿ after an acquired brain injury, stroke, incomplete spinal injury, or other neurological conditions. The centre is a spacious, well-equipped building that has been designed to meet the needs of QEF'S clients. Rooms are modern and bright with a comfortable, homely environment. All rooms are ensuite with tracking hoists and are supported by innovative assistive technology. Our expert multi-disciplinary teams provide each person with an individualised rehabilitation program and care plan. The specialist services are delivered by a team of healthcare professionals including a consultant in rehabilitation medicine, GP, specialist nurses, therapists and care team. The in-house therapies include clinical psychology, speech and language therapy, occupational therapy and physiotherapy, who alongside specialist nursing and care teams, work closely with the NHS, case managers and community referrers. QEF Queen Elizabeth's Foundatlon for Disabled People The clinical team work with the client and families to set client centred and individualised goals which become the focLts and aim of the rehabilitation stay. These goals are reviewed and contribute to the decision making process regarding onward support needs for clients once they move on from the CRC. We currently work with 14 NHS Trusts and Integrated Care Boards IICBS) across South East England. In 2023-24, we developed partnerships with Stroke Association and Headway who in reach to our service supporting clients as they prepare for the next steps of their rehabilitation journey after their stay at the CRC. QEF Residential Care and Supported Living The Grange (2016} Ltd (The Grange) The Grange provides accommodation-based services for adults with learning disabilities in Cranbrook, Kent. These are provided for up to 25 people across two residential care services regulated by the CQC and one Supported Living accommodation. The services provide 24-hour care and supeNision as well as a programme of activities, leisure pursuits and volunteering opportunities. It offers person centred support where people can develop their skills to maximise their own potential, have choice and control of their lives and feel valued as part of their community. The main residential service at The Grange caters for up to 19 individuals, the residential care service at 17 Wheatfield Drive caters for a further 3, and the supported living service at 15 Wheatfield Drive supports up to 3 individuals. Independent Mobility QEF Mobility Services The Mobility Centre, which has been operating for more than 40 years, provides a variety of assessments that enable independent mobility for disabled people and the elderly, as well as equipment hire of wheelchairs, scooters, and seating postural support for air travel. Assessments include driving ability and adaptatior)s for vehicles including hoists and transfer systems, wheelchair prescription, scooter proficiency, accessible aviation, seating and postural support assessments and child car seat assessments. At the request of the Department for Transport and Driving Mobility, we were asked to establish a new outreach seNice in the Hampshire area to fill the void created by the closure of Wessex Driveability in March 2023 who had been servicing the residents over a wide area from East Wiltshire to West Sussex and the Isle of Wight. In September 2023, we opened a new location in Southampton to meet the geographical need. We have delivered 1,854 assessments across all locations. We have established a new relationship with the Hampshire and Isle of Wight Constabulary providing Fitness to Drive assessments as an alternative to prosecution QEF Queen E112abeth's Foundation for Dlsabled People for disabled people and the elderly and this is expected to expand to include two other police forces in the coming year. VASD VASD had previously provided an accessible holiday home in West Sussex for hire by individuals and families with disabilities who require specialist facilities. This property was sold in January 2024. MERU MERU produces children's mini powered wheelchairs "Bugzis" which are available to buy or offered as part of a free loan scheme. The loan scheme allows a family to take a Bugzi home following an assessment arsd use for as long as the child needs it. It is then returned, refurbished and reloaned to another child. A total of 42 children received a Bugzi through the Bugzi Loan Scheme this year. In addition, the school-based Bugzi Club was operational in 11 schools in the Southeast, helping children access independent mobility at school. Due to technical and safety issues identified as part of compliance testing, we issued a Field Safety Notice in De￿mber 2023 and advised people not to use Bugzis until the matter was resolved. This itnpacted the Bugzi loan scheme for the remainder of the financial year. This issue was resolved in October 2024. MERU also sells a wide range of assistive products and adapted toys as well as providing a toy adaptation service to a distribution partner in the UK. QEF Trading Limited QEF charity shops continue to sell a variety of donated goods and furniture, greatly helping QEF raise awareness and contributing to income in unrestricted funds. At the year-end, there were 15 charity shops in and around Surrey (2023.. 151. The three key challenges faced by the charity retail sector during the year were'.- the reduction in the number of volunteers the changes to people's shopping habits the reduction in quantity of higher quality donations. While these remain a challenge, there has been an improvement in performance and support in the shops. Engagement and Partnerships ("E&P"} As ever, we are grateful to all the loyal and committed supporters without whom QEF could not invest in new equipment and provide additional seNices such as therapeutic art and assistive technologies. Their generosity supports us to achieve our vision to enable disabled people to achieve their potential. Fundraising undertaken by our team raised £2.2m for QEF and its subsidiaries {£2.1m raised in 2023). This total included QEF queen Ellzabeth's Foundation for Drsabled Pèople £902k in legacies from many generous supporters who left QEF gifts in their wills {2023. £703k} Our core fundraising activities include soliciting gifts from trusts and charitable foundations., appealing for, and stewarding donations from individual supporters or through entries to a lottery,. legacy gifts made by supporters through their last will and testament., running our own events and entering individuals into third party events and developing partnerships with businesses, schools, and community groups. Our much-loved annual events once again proved popular, particularly the two Ladies Lunches and our Mansion House event, the Guinness and Oyster Luncheon. We received funding from the Community Foundation for Surrey and The National Lottery to develop a new programme of music therapy. We also invested in advanced rehabilitation technology by Tyromotion, which was funded by a grant made by The Peter Harrison Foundation in the prior year. In addition, the installation of two lifts to complete the Care and Rehabilitation Centre was made possible by a generous grant awarded by the Bradbury Foundation. We were delighted to have had the support of Unum staff, with the culmination of a two year "charity of the year" partnership as well as benefiting from volunteer teams from over 20 Gompanies throughout the year. We continued to work with Sterling Management Centre Limited, an External Lottery Manager to administer our lottery. Sterling Management Centre Limited are licensed and regulated in Great Britain by the Gambling Commission under account number 3137. We also worked with two telemarketing agencies, Quality Telephone Services Limited (QTS) and Stanton Lea Ltd, trading as NTh, to engage existing donors and inspire potential new ones. We regularly review our telemarketer's calls to ensure calls are appropriate. During 2023-24, all fundraising was conducted by a team of employed fundraisers along with a group of dedicated volunteers helping throughout the year. QEF monitors and manages its fundraising regulation and compliance through a combination of training programmes, internal processes, and management reporting. We are a registered with the Fundraising Regulator and operate in accordance with the Code of Fundraising Practice. We also support our team to actively engage with the Chartered Institute of Fundraising (CloF) and where appropriate participate in CloF training and best practice forums. Fundraising programmes are compliant with the Institute, the key principles of which are incorporated in our training programmes. QEF operates a whistleblowing policy and a complaints policy and process. We have recently reviewed our Supporter Promise and are committed to abiding by the Fundraising Preference Service and the Mail and Telephone Preference Services. We continue to welcome feedback, including complaints from supporters and the public. During the financial year 2023-24, all complaints made were investigated and closed. There were 2 complaints made by supporters to the Fundraising team,. both were responded to and closed and neither required referral to the Fundraising Regulator, Ofcom, the Information Commissioner's Office, or any other regulator. io QEF Queen Eliiabeth'% Foundatlon for Disabled People People The QEF workforce is a diverse multi-disciplinary leam of250 talented employees who work hard to enable all our clients and residents reach their potential. Recruitment and retention continues to be a challenge across QEF as we have struggled to match increasing salary expectations in the context of pay rises in the health sector. There is also a national shortage of therapists and care workers in the UK, which is proving to be challenging and has resulted in vacancies taking longer to To support retention, our employee health and well-being programme remains a priority. As mental health issues remain a significant cause of sickness absence, we continue to provide training sessions on stress management, we have Mental Health First Aiders available to provide support and there are regular wellbeing initiatives being delivered across the organisation. other employee initiatives include enhancing our time off for dependants leave provision to support working parents and the introduction of the carers leave policy to support those with caring responsibilities. We have also updated the flexible working policy in line with legislative changes. A combined approach to targeted recruitment, employee wellbeing, management training and additional development opportunities has resulted in a reduction in overall staff vacancies and turnover across the QEF Group, however it remains a challenge in key areas of the organisation. Volunteering Our QEF volunteers have continued to provide amazing support to QEF over the last year. We are forever grateful to those who give their time to support our work and help us to make a difference to the lives of disabled people who use our services and their families. Over the course of the year, we have had 230 dedicated volunteers helping out across all areas of the QEF group. We have also benefited from corporate gardening and DIY volunteering events, and look forward to strengthening these relationships going forward. We have been delighted to welcome some of our volunteers into the permanent workforce of QEF. LOOKING FORWARD Understanding and determining the future direction for QEF is keyto the organisation's sustainability and success. We continue to improve all our processes, look for potential opportunities and articulate our charitable offer in what is a complex and changing external environment. The strategic goals agreed for 2022-2025 are outlined below. Work is now beginning on the strategic direction of the organisation for 2025-26 onwards with a series of 11 QEF Queen Elizabeth's Foundatlon for Disabled People internal health checks and deep dives being undertaken across the organisation to help guide the strategy. 1) Deliver operational excellence We will.. Provide high-quality consistent, person-led care and support to enable better outcomes for the people we support. Further build on our qualities to become outstanding and ensure excellent customer experiences in all areas. Maximise the capacity in our services by ensuring we respond to future healthcare needs and ensure our care pathways are best practice. Build high performing, engaged, diverse teams by investing in our staff and ensuring they have the right skills and behaviours. Create a positive culture of continuous improvement to ensure our staff are committed to achieving the organisations goals. 2) Strengthen our business We will.. Maximise the opportunities in the markets to diversify and grow income streams to ensure we have a strong future. Review OLrr infrastructure to deliver more cost-effective ways of working and create more funds for future business development. Identify commercial opportunities to ensure all areas of business can be self- sustaining. Develop and strengthen partnerships and collaborate with key organisations to support us to achieve our vision. 3) Seek innovative and sustainable solutions We will-. Develop a property strategy which ensures our buildings and land are used in the most effective way {including using any appropriate spare space in existing buildings to generate income). Develop iniliatives to reduce our environmental impact and promote awareness across the organisation. Develop strong leadership and management at all levels to empower people. 12 QEF Queen Ellzabeih's Foundation for Disabled People STRUCTURE, GOVERNANCE AND MANAGEMENT Structu re QEF is a registered charity and a company limited by guarantee governed by a Memorandum and Articles of Association which were reviewed and updated in 2018. The Board of Trustees meets at least six times a year. Trustees are subject to the 'fit and proper person, test required by the Care Quality Commission. Each Trustee is required to resign at the end of their three-year term but they may be elected to serve for another term provided their total term of office does not exceed nine years. When there is a requirement to recruit new Trustees a formal external recruitment procedure takes place. New Trustees receive induction training from the chief executive and Senior Management Team. The Board of Trustees has responsibility for strategic development and for overall governance of QEF, members of the QEF family of charities and the QEF Trading Company. The Board of Trustees delegates to committees some of its non-executive functions, including audit and risk, property, fundraising, people, care quality and safety. Executive leadership and management are delegated to the Chief Executive and the Senior Management Team. Trustees Trustees are elected by Members of QEF or co-opted by the Trustees, based on how their skill set and experience can benefit QEF and further improve the knowledge of the Board. A fomial recruitment and selection process is agreed by the Board in advance of all appointments and is in line with best practice guidance. As stated in the Memorandum and Articles of Association, one third (or the number nearest one third} of the Trustees must retire at each AGM, those longest in office retiring first and the choice bebNeen any equal service being made by drawing lots. A retiring Trustee who is eligible may be re-elected. If at the date of the AGM a Trustee has held Offi￿ for nine consecutive years since first election, they may not be re- elected, except in exceptional circumstance of there being no other person eligible to be a Trustee and acceptable to the Members as such. RISK MANAGEMENT The Audit and Risk Committee is responsible for oversight and scrutiny in areas including internal and external audit, risk management and insurance. The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Measures in place include.. 13 QEF Queen Elizabeth's Foundation for Drsabled People A strategic plan, a business plan and an annual budget approved by the Board of Trustees Monthly consideration by the Senior Management Team of financial results, variance from budgets and performance indicators. Board Assuran￿ Framework and corporate risk registers as part of a risk management strategy. The Senior Management Team and the Board review the nature of risks regularly, monitor actions taken, identify new risks and agree future mitigating action. An updated risk analysis is presented to the Board of Trustees at each of its meetings. Monthly quality and performance reports enable managers to comment on variances and identify actions being taken to mitigate risk. The Board meets bi-monthly and is supported by sub-board committees which meet during the year, covering inler alia Care Quality and Safety, Audit & Risk, and Property Proper delegation of authority and segregation of duties. An executive and professional liability insurance policy provides indemnity for the Trustees. Our auditors are Moore Kingston Smith LLP. In common with all providers of health and care services, QEF faces a number of risks. These include.. Risk Poor quality of care or risk to safety Miti ation Ensure staff compliance with training and induction and a robust SLrpervision and appraisal system. Continually develop operational processes, policies and procedures to ensure best practice. Involve service users in monitoring and actively seek feedback from people who use our services. Clear and thorough reporting to Care Quality and Safety committee and visibility of senior managers and trustees in services. Ensure Health and Safety compliance across all reas. orkforce - difficulties recruiting and retaining a skilled workforce and associated impact on care Recruitment and retention plan developed foGusing on competitive pay structure, professional development and employee health and wellbeing. 14 QEF queen Ellzabeth's Foundation for Disabled People Risk Mitigation QEF has repaid £8.4m of the loan through a mixture of asset sales and quarterly repayments leaving £21.6m outstanding. QEF continues to work closely with the PPF to ensure that its obligations will be met over the loan term. This includes a proposal to deliver the repayments required in the short to medium term. Reforecasting and sensitivity analysis is undertaken throughout the year. The five ear financial plan is overseen by the Board. Management of the £30m long term loan rom the PPF, which replaced the defined benefit pension deficit. Failure to achieve financial targets impacting o n viability Risk of a cyber-attack could result in a data breach or the introduction of ransomware Ongoing phishing awareness campaigns and training in place to raise awareness and minimise risk of an attack succeeding business recovery place is in place in he event this occurs. Remuneration The Remuneration Committee has responsibility for considering management recommendations for staff pay and setting the salaries of members of the Senior Management Team. Before considering management recommendations for staff pay, the Remuneration Committee looks at the external market and pay comparability, internal pressures for talent and affordability. 15 QEF Queen Ellzabeth's Foundation for Disabled People FINANCIAL REVIEW Income and expenditure Total operating income decreased by £2.2m to £12.4m in 2024 (2023.. £14.6m) due to the closure of Dorincourt ILS in July 2023. Excluding this service, operating income rose by 4.4 % to £11.4m in 2024 (2023." £10.9m). Total operating expenditure decreased by £1.2m to £12.5m (2023.. £13.7ml reflecting the closure of Dorincourt ILS. The overall result was a small loss of £{0.2m), before other gains and losses, compared to a profit of £0.9m in 2023. Excluding ILS, where expenditure exceeded income by £1.4m {2023.. £0.5m), the group generated net income of £1.2m in 2024 (2023.. £1.4m}. Excluding ILS, income from charitable activities rose by £0.2m to £6.3m in 2024 however expenditure increased by £0.5m to £6.8m resulting in a shortfall of £(0.5m) (2023. £(0.2in}) Net income from fundraising (donations, legacies and fundraised events) and commercial operations were in line with prior year at £1.3m and £0.1m respectively. The net movement in funds was £(0.1 m) after a minor adjustment to the discounting of the loan term PPF liability. This total movement in funds comprised a decrease in unrestricted reserves of £(0.3m) along with a £0.2m increase in restricted reserves. Cash flow Net cash used in operating activities reduced from £0.5m in 2023 to £(0.5)m in 2024 due to the reduction in net income. The cash inflow from investing activities reflects the proceeds raised from the sale of Dorincourt, the site on which ILS was based, of £3.2m. These proceeds were used to make capital loan repayments of £2.8m to the PPF. This coupled with other loan repayments of £0.2m resulting in the year-end cash position remaining broadly unchanged at £1.5m <2023.. £1.6m). Balance sheet The Group balance sheet shows net assets, excluding long-term debt, of £22.1m (2023.. £25.2m). Fixed assets decreased to £19.9m (2023.. £23.6m} due to the sale of Dorincourt. Long-term liabilities reduced to £10.3m as at 31 March 2024 (2023.. £13.2m) reflecting the repayments made in the year. The total consists primarily of amounts due under the PPF and CBILS loan agreements of £9.8m and £0.3m respectively. The PPF loan is a long-term liability and the amount outstanding at 31 March 2024, was £21.6m. This has been discounted over the 30 year-term at 4 % to arrive at an amortised cost of £10.3m at 31 March 2024 {2023'. £13.2m) of which £0.5m is due within one year 16 QEF Quèen Ellzabeth's Foundatlon for Disabled People and £9.8m is due after one year. The amount outstanding under the CBILS loan agreement is £0.4m of which £0.1m is due within one year. The Board of Trustees has been working with the PPF on our payment obligations as our principal creditor. Further detail can be found in the Accounting Policies note of the financial statements. The net current asset position improved to £2.2m (2023= £1.5m} as at 31 March 2024. Overall, the Group balance sheet shows net assets of £11.9m as at 31 March 2024 (2023.. £12ml. Reserves policy The reserves po1iGy is determined after assessing the capital requirements, considering the nature and timing of income and expendilure streams and by reviewing the specific business risks identified through the risk management pro￿sS. The Board of Truslees aims to maintain a level of unrestricted reseNes not tied up in fixed assets, which it believes will be sufficient to ensure the operational viability of the charity. The unrestricted fund balance at the year*nd was £11.4m (2023 - £11.7m), including fixed assets of £20.Om and a £10.3m long-term liability to the Pension Protection Fund. The Board of Trustees is also mindful that at a time of uncertainty in government funding it may require sufficient reseNes to maintain ServI￿S for a limited period if funding ceased or contracts were cancelled. The Board of Trustees has concluded that given the economic environment its services operate within and the reliance on fundraising income thatthe level offree reserves atthe year-end should be six months, worth of unrestricted operating expenditure. Based on 202312024 results this would be circa £5.5m which is below the unrestricted funds held as at 31 March 2024 of £11.4m (2023. £11.7m). As well as the unrestricted reserves described above, QEF also held £455k (2023.. £288k) of restricted reserves as at 31 March 2024. Investment policy In view of the likely requirement for accessible cash over the next five years, the Board of Trustees has decided to continue its policy of holding investments in cash deposits. 17 QEF Queen Elizabeth's Foundation for Disabled People STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of QEF for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company (and the group) and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent., state whether applicable UKAccounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company (and the Group) and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jLfrisdictions. APPROVAL OF TRUSTEE REPORT AND STRATEGIC REPORT BY ORDER OF THE BOARD OF TRUSTEES ON 27 NOVEMBER 2024 Gordon Bowser Chairman CHARITY NO. 251051 COMPANY REGISTRATION NO. 00892013 18 QEF Queèn Ellzabeth's Foundatlon for Disabled People INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF QUEEN ELIZABETH'S FOUNDATION FOR DISABLED PEOPLE Opinion We have audited the financial statements of Queen Elizabeth's Foundation for Disabled People (the "parent charitable company") and its subsidiaries (the "group") for the year ended 31st March 2024 which comprise the consolidated and Group Balance Sheets, the Group Summary Income and Expenditure Account, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting PracticeJ- In our opinion the financial statements.. give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 19 QEF Queen Elizabeth's Foundatlon for Disabled People Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. It we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consistent wilh the financial statements., and the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charilable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 20 QEF Quèèn Ellzabeth's Foundatlon for Dlsabled People Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounling and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such 21 QEF Queen Elizabeth's Foundation for Disabled People disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group and parent charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding, among other matters, the entities or business activities within the group to express an opinion on the consolidated financial statements. We are resporisible for the direction, supervision and performance ofthe group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are inStan￿S of non-complian￿ with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exterit to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial stalements due to fraud-, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks., and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for Ihe prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 22 QEF Queen Elizabeth's Foundation for Disabled People We inquired of management and those charged with governance as to any known InStan￿S of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regu5ations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charilable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Saunders {Senior Statutory Auditor) for and on behalf of Moore Kinoston Smith LLP Date.. 3 December 2024 Chartered Accountants Statutorv Auditor 9 Ak)pold Street London EC2A 2AP 23 QEF Queen Ellzabeth's Foundation for Disabled People QUEEN ELIZA8EfH'S FOUNDATZON FOR DISABLED PEOPLE GROUP BALANCE SHE AS AT 31 MARCH 2024 COMPANY REGTSTPATION NO. 00892013 GROUP QEF 2024 £OOO's 2023 £000'5 2024 £OOO's 2023 £OOO's Note F￿ED Asssrs Tangible Flxed Assets Intanglble Fixed Assets Investment5 19,960 1251 23,688 (491 19,594 23,270 1,030 20,624 19,935 23,639 24,300 CURRENT ASSETS stock and Assets Held for Resa Debtors Investments Cash at bank and In hand 102 2,397 37 423 2,221 34 1,603 4,281 2,425 30 919 3,374 2,265 27 855 3,147 4,048 CURRENT UABILThES Credltors - amounts falling due wilhin one year 3.155 NEf CURRENT ASs￿s 2,193 630 TOTAL AssEfs LESS CURRENT LJABILMES 22,128 C￿d￿Or$ - amounts falling due after more than one year {10,2611 (13.157) 110,1591 113,0511 NET ASSETS inclLKling pensb)n $cheme liability 11,867 11,095 ACCUMULATED FUNDS Unrestrlcted Funds Restricted Funds Total AccumuL4ted Funds io 11,412 455 11,705 288 11,993 10,687 408 10,967 274 11,241 As permltted by section 408 of the Companies Act 2006, QEF'S Ithls Ls QEF Group excludlng all subsldiariesl Income and expenditure account has not been Included In these flnanclal statements. Dumng the year QEF'S Incoming ￿sourceS We￿ £9,363k and the loss for the year was £148k12023.' iricomlng resources £11,705k and a surplus of £604kl. The financlal statements on pages 25 to 45 were approved and authorised for dlstributlon by the Board of Trustees on £1 iolt and were signed on ￿'S tseh3￿ by.. Gordon Bowser Chalrman of the Board of Trustees 24 QEF Queen Ellzabeth's Foundatlon for Disabled People ONSOUDATED STATEMENT OF FINANCL4L ACTIVtrIES INCORPORATING ThE INCOME AND EXPENDThURE ACCOUNT AND STATEME￿ra￿ RECOGNEED GAINS AND LOSSES FOR THE YEAR ENDED 31 MARCH2024 2024 Unrtstrkted £OOO's 2024 Restricted £000'5 2024 2023 2023 TOTAL Unrestrtcted Restrlrted £OOO's ÉOOO'S £OOO'$ 2023 TOTAL £ooo' Note5 INCOME Donath)ns Legacles Commerclal Tradlng Operatknn5 Fundralslng Events Income from property vestment Jncome other 738 902 2.817 189 24 388 1,126 902 2,817 225 24 787 703 2,665 102 20 376 1,163 703 2.665 235 20 133 4,675 424 5,099 4,281 509 4,790 IncomFng resources from charftable activli tes- Care and RePffjbllltatk)n Centre Independent L5vkng Servkes MobIl￿Y Serjlces MedKal Englnetrfng Resource Un 4,768 946 268 loo 6,082 4,768 946 1,341 207 7,262 4,981 3,713 217 30 8.941 4,983 3,715 930 204 9,832 1,073 107 1,180 713 174 891 TOTAL OPERATING INCOME 10,757 1,604 12,361 13.222 1800 14,622 EXPENDffuRE Rassing funds: Fundr8L%ing 3nd pubikf(y Costs CommercEI Trading Operatlor Total costs of raL4lng fund5 863 43 906 743 56 799 3,364 43 3,407 3,094 56 3,150 Charitable act￿￿*￿&s,. Care and Rehabiltstlon Centre Jndependent knwlng Servlces Nobility Serv￿e$ Voluntary Assoc. Surrey Dlsabled Nedlcal Engkneering Resource Un QEF Deveknpments other Totsl charltable expendLure 4,939 2,285 165 1371 387 227 32 1,075 5,166 2,317 1,240 4,364 4,180 267 35 281 420 60 737 4,784 4,240 1,004 35 505 60 447 224 7,745 1,394 9,139 9,131 1.441 10,572 TOTAL OPERATING EXPENDITURE 14 11,109 1,437 12,546 12,225 1,497 13,722 NET {EXPÈNDrruREI/INCOME 26 352 167 185 997 97 900 other recognised gains and tosses Change In dlscounting of h)ng term k>an Transfer between funds 59 59 208 330 208 Net Movetnent In Funds 167 11261 1,535 14271 1,108 Fund b8￿nceS brought fornvard at l April 2023 Fund ￿?￿nCeS carrtd forward at 31 March 2024 11,705 11,412 288 455 11,993 11.867 10,170 11,705 715 288 10,885 11,993 The Statement of Financial Activities Includes all galns and 10sse5 recognlsed in the year. All Incoming re50urtrs and resources expended derlve from continulng activittes. A reconciltatK)n of the Net Movement in Furmls to the in-year operational performance is shown In Note 26. 25 QEF Queen Elizabeth's Foundation for Dlsabled People QUEEN ELIZABETH'S FOUNDATION FOR DISABLED PEOPLE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 £'ooo 2023 £'ooo Cash flows from operatlll9 activf(ies: Net cash used In operatSng activltles tncome taxes pald (5481 512 48 512 Cash flows from investin9 a¢tivties: Investment Income and Interest receDied Proceeds from disposal of frAed asset Investments Proceeds from dFsposal of tanglble fEn Taxatior? charged Net gaills on Investments Discounting adjustment on k>an term loan Movement In defined benefft pensk)n scheme provlsDn Loss on dfsposal ol Flxed Assets Tronsler from fD(ed assets to assets held for 5a Investment Income Decrease in stock (Increaselldecrease In debtors Increasel Idecreasel In creditors 261 1251 293 1251 1591 12081 121 335 133D) 19) 11761 17521 1199) 11271 Net cash used in operating activities 54 12 Anatysi5 of changes rn net funds - group AcqLEiSitions Other non. and cash 31 March disposals changes 2024 Cash l April 2023 flows Cash at bank and In hand Bank overdrafts 1,603 1548} 3,458 13,001) 1,512 1,603 15481 3,458 13,0011 60 1,512 Borrowlngs excludlng overdrafts 257 26 QEF Queen Ell2abeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 MARCH 2024 ACCOUNTING POLICIES Company Status The Company ￿ Ilmyced by guarnntee, has no share cèprtal and Is a￿0 a regiSte￿d charity. The l&?bility of each member15 lim￿ed to a Sum of no more than £1 in the event of a winding up. Princlpal AccoLrntlng Pollcles The flnanclal statements comprtse the charity and Its subsidlaries. These financi61 statements are prepared on a going concem bas￿, under the histortal cost conventlon, as modlfled by the revaluattin of knd and bU1￿1n95 and Snve5ttnents being measured at fair value through income and expenditure wtihln the Statement of Financpal Actwvities. The financlal statements have been p￿pared Sn accordance wrth the Finaneol Reporting Standard applICab￿ in the UK and Republ￿ of treL4nd (FRS 1021. The Charitable Company and its subsldlaries are a publK benefit group for the purposes of FR5 102 and the￿fOre the Charity also prepared its financval statements in accordance with the statement of Recommended Pftctlce applicable to charitie5 preparing their accouTrts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Irek4nd (The FRS 102 CharitEs SORPI, the Companie5 Act 2006 lunder the provision of the Large and Medium-sried CompanEs and Groups (Accounts and Reports) Regulatlons 2008 1512008141011, the Charitie5 Act 2011. The financlal staternents are p￿Pared in sterling, which ￿ the functronal currency of the charicèbk company and Its subsldlarles. Monetary amounts in these finèncièl statements a￿ rounded to the Trearest thousand pounds. Presentation of Financial Statements In order that the financlal statements should present a true and falr VÉW, k has been neces5èry to drffer from the presentational requirements of the Companies Act 2006. The presentatlon ￿QuIred by the Companles Act for the consolidated profit and k)55 account woukj not have grrfen a true and fair VEW of the operations of the company. The FoundatlDn has therefore adapted the presentath)n and applied It consi5tentty. Basis of Consolrdation The con501idated statement of financk41 actroties and bak3nce sheet include the financwl statements of QEF and Its 5ub5idiary undertaking5 made up to 31 March 2024. The results of the sUbs￿￿rieS are conSol￿ated on a line-by-llne basts. Unlform accountlng poltÈs are applÈd across the Group and intra-group transactions a￿ eliminated. Going Concem The trustees have a55e5sed whether the use of the golng concem basis is appropriate and have considered posslble events or condltk)ns that mlght cast s￿n1frc?nt doubt on the abSllty of the Charitab￿ group to continue as a going concern. The trustees have made this assessrnenl for a perKJd of at ￿ast one year from the date of approval of the financhal statements. In particular the trustee5 have considered the charitable group's forecasts and projectbns and have taken account of pressures on contracl Income, the occup6ncy of the CRC, grants, and donatK)n incorne. The cbsure of the Independent Lloing Servke based at Dorfncourt has ￿dUCed the charitable group's loss-making activities. The redeployment of staff fmm ILS to the CRC reduced staff shortages at th6 servte as well as redU￿d our relEnce on agency staffingi we have the￿rOre benefitted from a more stable workforce. Neverthekss, the flnanclal challenges faclng the organlsatlon remaln constdernble. We face s￿nIfICant￿ Int￿65ed efflploytnent costs and the t￿hteTring of NHS and local authority budgets impacting on the plpellne of referra￿. The charity has agreed deferrafs on a numtEr of quarterly k>an repayments owed to the PPF gbien the chaI￿nging economt conditions. The tru5tees' view remalns that the k)an repayments will become affordab￿ over the term of the ban but that improvements In cash ftDW are required to support the burden In the short-term. Increasing occupancy at the CRC throughout the year Is key to delNering Improvements In financlal perfom)ance. To facilitate th￿, we have Mvested in a Bu5ine55 Development team, and we have strengthened the clinical teams wlthin the servlce. We can already see Improvements In occupancy ￿ve1$ from these changes, whlch coupled with a continued focus on strong cost control, will deIr￿er growth underlying cash flow. In addition, QEF ks worklng w￿h the PPF on a proposal to maxitnise value from our a55et portfolK) to support c3sh fk>w in the short-term. 27 QEF Queen Elizabeth's Foundatlon for Dlsablèd People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2924 Going Concern {Contd) After maklng enqulries, the trustees have concluded that there L£ a reasonable expectation that the company has adequate resource5 to continue in operatlonal exlstence for the foreseeable future. The company therefore continues to adopt the going concern basls in preparing its financial statements. In¢oming Resources All Income is recognlsed when the￿ Is entitlement to the funds, the receipt is probable and the amount can be measured ￿lIablY. Government grants are recognlsed at the fair value of the asset received or rece￿able when there is reasonable assurance that the grant condltlons will be met and the grants will be received. A grant Ihat specffES performance condltw)ns is ￿COgn￿ed In Income when the performance condltlons a￿ met. Where a grant doe5 not specify performance condit￿nS it is recognised in Income when the proceeds are ￿ceiVed or receivable. A gftnt recepied before the ￿COgnItron criteria are satisfied Is reCogn￿ed as a liabllity. Voluntary income is accounted for when received. Income from activities for generatlng funds and income from charitable act￿￿leS a￿ both accounted for when ￿ceivable. Income is stated excluding VAT. Gifts donated for resak are Included as income when they are sold. LegacEs are recognlsed followlng probate and once there ￿ sufficienl evidence that ￿ceipt is probable and the arnount of the legacy recelvable can be measured reliab￿. Where entitlement to a ￿gaCY exists but there is uncertainty as to its receipt or the amount recewabk, detalls are dlsclosed as a contingent a55et until the Criter￿ for Income ￿CognItion are met. Fixed Assets and Depreciation All ff￿ed assets with a value over £1,500 are capltali5ed at cost, belng thelr purchase cost, together wlth any incidental expenses at acquisit￿￿, and depreciated to thelr estimated resklual value over their estimated Useful INes, as follows.. Leasehold property Computer equipment other equipment Motor vehicles The term of the lease or 10-15 years, Wh￿heVer is the bwer. 5-10 years 4 years 4 year5 Freehold Land and buildings are not depreclated because they are held at exlsting use value and any depreciation would be Immaterfal to the financial staternents. Grants received relating to these assets are shown as Incoming resources wlthin ￿$t￿cted funds Ljpon recelpt and are amortised within the Statement of Financi41 Activf(les ISOFAI over the estimated useful of the asset. It is our pollcy to review the fixed asset reglster on 6n annual basls and to write down the book value of any asset that has become Impai￿d. Where propertles are subsequentw sold, the valuatlon Is ￿Vised on a market value bas￿ less Costs assoclated with the sale. Goodwill Goodwill arlslng on the acqUn5￿10n of an @ntlty represent5 the excess of the cost of acquiS￿K>n over the company'5 nterest In the net fair value of the identifpable asset, llabi1￿1eS and contlngent Ilabilrtle5 of the entity recogni5ed at the date of acqulsition. Goodwill 15 initiaNy recognised as an a55et at cost and is subsequently measured at cost less accutnulated amortiSat￿n and accutnulated impairment losses. Goodwill is held in the currency of the acqulred ent￿Y Trd revalued to the closlng rate at each reporting period date. Goodwill is amortised over It's Useful life, which shall not exceed ten years rf a reliable estimate of the useful life cannot be made. Negative goodwlll L% recorded in assets on the balance sheet 6s a reductron to the assets or the group. Amortisation Amortisatlon Is provided on intangible a55ets so as to wrlte off the cost, less any estSmateiS residual value, over their estimated useful lives, as follows.. Goodwill 5 years 28 QEF queen Elizabeth's Foundation for Dlgabled People NOTES TO THE FINANCIAL STATEMENTS {Contd} FOR THE YEAR ENDED 31 MARCH 2024 Financial Instruments Flnanclal instruments are recognised in the charfty's baknce sheet when the charity become5 party lo the contractual provBion5 of the instrument. Other financlal Instruments l. Cash and cash equivalents Cash and cash equwalents include cash at banks and In hand and short term deposlts w￿h a maturtiy date of three months or less. 11. Debtors and credrftors Debtors and creditors receNable or payable within one year of the reporting date are carried at their at transaction price. Debtors and credltors that are reCehVab￿ or payable in rnore than one year and not Subject to a market rate of interest are measured at the present value of the expected future receipts or payment dlscounted at a market rate of interest. Stocks Stocks OF raw mateflab, finBhed goods and consumables are valued at the lower of cost and net reallsable value, after maklng due albwance for obsolete and slow movlng Items. Resources Expended Expenditure related to generating fund5 and to charitable actwitles ts accounted for on an accruals b3sis and has been classified under headings that aggregate all costs, including irrecoverable VAT, related to the category. Costs for repairs and maintenance are accounted for when Incurred or when there Is an Irrevocable contractual commitment. Support costs Include the Chief Executive, the Finance and Human Resource5 departments and the provBion of Information Technofogy seryices., these costs are incurred directly in support of the object5 of the charity. Shared Servlce costs are alhtated In accordance to the total expenditure of each SeNlce or Department. Operating Leases Costs In respect of operatlno leases are charyed on a straight-line basls over the lease terffl. Investments Changes in falr value and gains and losses arising on the dlsposal of investments a￿ credi(ed or charged to the income or expend￿[L￿re Section ol the Staternent of Financial ActThI￿ies as 'gain5 or losses on investments. and are albcated to the appropriate fund holding or disposing of the relevant investment. 29 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FIPIANcfAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 Pensions QEF operates a defined contributlon scheme, the assets of which are held separately frDm those of the company an independently admlnstered scheme. Two employees afft members of the Te6chers Pension Scheme and one is a rnember of the Pension Trust, into which QEF pay the requlred etnployer's penS￿n contrlbution ft)r both schemes. Contribut￿n$ are charged to the Statement of Flnanclal Actwities as they fall due. Grant Commitments G￿rnt$ are charged agalnst the appropriate fund in the period In whlch the grant is approved. Taxatlon The charity Is a regrstered charity, and as such 15 entitled to certaln tèx exemptlons on income and proflts from investments, and surpluses on any trading actwitEs carrEd on in furtherance of the cha￿ty,5 primary objectlves. Crrf£ical accounting estimates and areas of judgement In preparing financlal statetnents It is nece$5ary to make certah judgements, estimates and assumptbns that affect the amounts recOgn￿ed in the financial 5tatetnents. The following judgements and estimates a￿ conS￿ered by the trustees to have tn05t significant effect on amounts recogn15ed in the financial statements. the vlew of the trustees In appwing the accounting policEs adopted* judgements were ￿qUired that have a signfficallt effect on the amounts recognised in the financial statements for accrued legacy income and term loan dtscounting. Legacy income ￿ accrued ill the accounts if there is sufflclent evidence, following probate, that the atnount Is measurable and recelpt within twelve month5 of the year-end 15 probable. The long term ban from the PPF ￿ measured at amortlsed c05t using the dlscount rate, whth was used on the Inltki recognltion of the ban, as the effective interest rate. Any changes to the valuation are due to changes In the loan repayment structure, actual or pmp05ed. As disclosed in note 20 to the finèncval statements, the pensK>n scheme defIC￿C has been determined uslng a number of actuarial assumptions. Varkltions in those assumptions, partlcularly in regard to discount rates and projected return5 Qn investments, can cause significant change5 Ipositive and negativel in the resU￿1ng valuatlon of the scheme liabllities. The trustees have relied on independent actuarial advlce in respect of the assumptions used, however these are by nature uncertaln and may therefore result In material adjustments in subsequent years, financlal statemerits. 30 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FINANCTAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Freehold LarKI & Leasehold Buildings Property Equlpment É'OOO'S £'000'5 £'OOO'$ 23,040 3,725 Motor Vehicles É'OOO'S 281 GROUP Total £'OOO'$ 27,046 72 14,1231 Cost at 01.04.23 Add￿lDn$ D￿pOsaL% l ReallocatK)ns Re¥aluat¥)n galn C05t at 31.03,24 13,5001 15851 1381 19.553 3,191 251 22,995 Depreclation at 01.04.23 Charge for year On disposa Depreclath)n at 31.03.24 3,095 252 15441 2,B03 261 3,356 261 15821 3.035 1381 232 BOOK VALUE at 31.03.24 BOOK VALUE at 31.03.23 19,553 23,040 388 629 19 19 19,960 23,688 Restated Freehold Land & Leasehotd Bulldings Property Equipment £'ooo' £'OOO'$ É'OOO'S 22,783 2,735 13 47 13,5001 15681 Motor Vehicles £'OOO's 218 Restated Total £'OOO's 25,736 60 14,0981 QEF Cost at 1.4.23 AdditK)ns DL4posa 1311 Cost at 31.3.24 19,296 2,214 187 21,698 Deprec&3tlon at 1.4.23 Charge for year On disposèls Depreciatlon at 31.3.24 2,260 192 527 1,925 207 2,467 196 559 2,103 33 178 NEf BOOK VALUE at 31.3.24 BOOK VALUE at 31.3.23 19,296 22,783 290 476 19,594 23,270 The charycy h3s apPl￿d the exL4tlng use valuatlon method and used a prev￿￿5 valuètK)n as the deetned cost for 5 frteho￿ property. The propertks value5 were revkwed as at 31 March 2020 using ￿cent valuatK>ns, provlded by Hutst Warne and Chr￿t*S who are both property cOnsu￿ants. INTANGIBLE FIXED ASSETS GROUP Goodwill E'OOO'S 11231 Total £'OOO's Il231 Cost at 1.4.23 Addycknns Cost at 31.3.24 1231 11231 Arnortsatknn at 1.4.23 Charge for year Arnort15ation at 31.3.24 74 74 98 98 BOOK VALUE at 31.3.24 BOOK VALUE at 31.3.23 1251 1491 1251 1491 QEF Goodwill É'OOO'S Total £'OOO's Cost at 1.4.23 Addfclons Cosl at 31.3.24 AmortsatK)n at 1.4.23 Charge for year Atnorti8at￿n at 31.3.24 NEf BOOK VALUE at 31.3.24 NEF BOOK VALUE at 31.3.23 31 QEF Queen Ellzabeth'5 Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YE4R ENDED 31 MARCH 2024 4a INVESTMENTS F RETA DING Company Number.. 00913002 QEF owns 100% of the OrdiDary share capk31 of QEF Tradkng Llrn￿ed, wh￿h & reg15tered In Ewland. Il's prlnclp61 artIv￿Y & the FEtall sale of donated goods, 9fts and greetln9s cards by means of fflail order arbd through retall Shops. 11 Covenanted to pay ts pmflls to QEF. Its accDunt5 are InclLkted wlthm the consol￿￿ted accounts Df the Group. 2024 £'000'5 2S0 280 The balance comptses.. shares at cost 2023 £'OOO's 280 280 The resuks for the year ended 31 Natch 2024 net of htTr-group transactw)n5 off £334k 12023.. É288kl. ere as folbws.. 2024 £'OOO's 1,240 2023 £'OOO's 1,266 Turnover Cost of Sales AdmlnL4tTrtwe expenses Taxatlon ProNt on ordlTrary acllvll 1,240 18901 1,265 1975} 350 290 The assets and l￿bI￿t￿5 of the company at the end of thE year, Int￿￿1￿9 intra-group amounts, were a5 folk)ws'. 2024 £'OOO's 2023 E'OOO'S 15 £'OOO'$ £'OOO's FFrted Assets Current a55ets 428 88 482 47 Net Current assets LoTho terrn liabiifcles 340 431 314 435 146 404 4b INVESTMENTS (Cortd) DEVEL ENTS LIM Company Number.. 10069580 QEF own5 loo￿ of the ordirbary sha¢ Cap￿al of QEF Devefoplnents Umited, Incorpottted on 17 Matth 2016 and regStered In England and Wa￿s. QEF Oevek>pments hès been set Jp to manage the deslgn and ¢0Tr5tructlon of the CRC centre. results forthe period e￿ded 31 March 2024 were ag folkjws.. 2024 £'OOO'$ 15 15 2023 £'OOO'$ 14 14 TurTrover Pmfessknnal fees and bulldlng costs Gmss pro AdmInIst￿tiVe expED5es TaKat￿Tr Profit for the financvdl year The assets and Dab￿￿leS of the company at the end of the year. Includkng Int￿-grOUp amoufit5, were as follows.. 2024 £'OOO's 2023 £'000'5 £'OOO's £'OOO's Ftsed Assets Current assets Current lab11￿￿5 Net Current assets QEF Queen Ellzabeth's Foundation for Dlsabled People NOTES TO THE F]NANCIAL sfATENENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 4c INVESTMENTS (Contd) RAN Company Number.. 10106614 QEF owns 100% of the ordln3ry share caplcal of The Grange 120161 Ltd, Incorporated on 6 Aprl 2016 and reg￿te[ed In Engbnd and wa￿5. The GraThJe has been set up to provkle accommodat￿￿-baStd servKes for adult5 wtth ￿arnIng d&ablltÈs based In Cranbrook, Kent. The resU￿S for the year ended 31 Marth 2024 were as folk)ws rbet of Intercompany transaCt￿[b5 of £214k 12023.. £150kl 2024 £'OOO's 1,583 11,3251 2023 £'OOO's 1,399 11,1851 Tum)ver Admln*tratfve expenses Taxation Profit ft)r the finarKlal year 258 214 The assets and ]￿bItieS of the company at the end of the perbd, fftludlng Intra-group amounts, were as follows.. 2024 £'OOO's 779 2023 £'OOO's 789 £'OOO's .000.5 FLKed Assets Current assets Current Ilabllltks Net Current assets 351 137 335 175 214 993 160 949 4d INVESTMENTS {Contdl Company Number.. Charycy Nurnber.. 07759768 1143985 QEF & the SO￿ Metnber of the Voluntary Assoc￿t￿n for Surrey DL4abled LI￿￿e￿ IVASDI. The charfcy jolned the QEF Group on 18 November 2011. VASD previous￿ sold and loaned equipment and products to d&abkd people, and it owned a fuHy adapted hol￿aY home on the South Coast. The for the year etKJed 31 March 2024 net of intra-group trans8Ctk)ns of £0 12023.. £Okl, were as follows.. 2024 £'OOO's 2023 £'000'5 VAS0 equlpment hire and sa￿$ LTKome from property Grant Income Ot￿r Incorne Grfts & donatbr6 so 51 Cost of saks 51 Cost of charftats￿ actr1￿[￿5 Admlnstratlon costs Surpkns on ordlnary actwitEs 34 30 36 The assets and 1&abil￿leS of the company at the end of the year, includlng Intta-group amounts, were as folk)ws'. 2024 £'000'5 2023 £'OOO's É'OOO'S E'OOO'$ FL%ed Assets Current asset5 Current l&ibllitE5 Net Current assets Pensbn Scheme L￿b￿*Y 986 956 983 950 987 952 QEF Queen Elizabeth'5 Foundation for Disabled People NOTES TO ThE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENTS Icontdl Company Number.. Charty NumbEr'. 1214125 269804 The Medlcal Erokneerlng Resource IMERUI lolned the QEF Group on l Aprll 2012. MERU deslgns and manufactures SpeC￿lL￿ed equlpment for children and young peop￿ wfch dL4abilitEs. NERU also sels range of ready-maae products deslgned In response to ￿questS from fam11￿$ and theTrp￿trS. The resuycs ffor the yearended 31 March 2024. net of Intra-group transartlons of £68k12023'. £86kl, We￿ as ffoLbws', 2024 £'OOO's 195 2023 £'000'5 189 MERU equlpment sa￿5 Grants Girts, donatbn5 PA fundraL%kng aCt￿ttle5 297 492 137 355 290 487 140 347 12821 1191 Cost of saks Cost of Chartab￿ aCt￿lt￿$ Fundra151ng publl¢ly c05t5 Goverrknce costs sJrplu5llDefFc￿I an ordlnary act￿￿￿$ 95 42 41 INVESTMENTS {Contdl The assets and Ilabllkxes of the company at the end of thE year, ￿¢￿dIng ￿tra-grOup amounts, were as folh)ws'. 2024 £'OOO'$ 73 2023 £'000'5 118 £'OOO's £'OOO's Flxed Asset5 Current a55ets Current IlablPkles Net Current assets 232 216 243 282 16 1391 Low term Ikblmtles 57 32 57 22 4g IPIVESTMENTS ieonld) QEF has current 35set In¥esLmeTrts In the form of equty and cash Investmerts, a5 follows.. GROUP 2024 £'000'5 37 2023 £'OOO's 34 Llsted Shares Dep05 37 34 QEF 2024 É'000'5 30 2023 £'OOO'$ 27 LL%ted Shares Deposk5 30 27 STOCKS & ASSETS HELD FOR RESALE GROLIP QEF 2024 £'000'5 2023 £'000'5 2024 £'000'5 2023 £'OOO's Raw matetsls and fln&hed goods Assets he￿ for resa ioz 93 330 423 102 A55ets hehl for resak In 2023 comprlsed the VASD homay home whFch was sold In the current year. 34 QEF Queen Ellzabeth's Foundation for Disabled People NOTES TO THE FINANCIAL ¥fATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS GROUP 2024 É'OOO'S 1,108 QEF 2024 £'OOO's 1,020 270 2023 £'OOO's 1,446 2023 £'OOO's 1,409 272 Amounts falllng due w￿h1n one year Trade Debtors AtnDUnt due from subs￿&￿ry cotnpany Taxation & Soclal Security recewab Other Debto Prepayments Accrued Income 86 225 978 26 180 929 221 476 189 390 The arriounts due from the subskl&ry company are unsecured, Interest free and payab￿ on demand. All debtors are flnancktyl Instruinents and are measured at present vakne. CREDifoRS fjROVP 2024 £'OOO's QEF 2024 £'000'5 ATnounts faling due wli hin one year 2023 £'OOO's 2023 £'OOO's Trade Credito TaXat￿n and Soclal SeCUr￿Y pay3b Amount due to Subs￿lary corllpany other Cred(co Loans repayab Accrua Deferred Income (see note 81 624 120 542 135 579 112 1,059 479 118 630 60 784 563 521 64 610 325 112 86 784 616 6D7 610 264 69 All credtors, wY(h the exceptlon of the k)an5, are unsecured, interest free and repayabk on demand. These Credito￿ art flnanckl Instrument5 and tnea5ured at present vakne. See note 21 for the hterest and repaytllent detaifs of the k)ans. DEFERRED INCQME- Group and QEF Balance at l April 2023 É'ooo. 47 453 IncoTninu ReSoU￿S Amount Balance at 31 Released Ma￿h 2024 2024 £'OOO's 54 E'OOO'S £'OOO's 54 Fundralslng events Income CRC Independent ￿Ing Setvlces Mobility 5ervkes Central Servkes Grange VASD Holtijay Income 14531 15 85 43 1851 43 607 112 607 112 These amounts have been deferred because the hcome relates to aCt￿ti￿$ taklng pbce the next finart￿l year. Balance at Incoming l April Resources 2021 £'OOO'$ 14 484 Amount Balhnce at 31 Released March 2023 2023 É'OOO'S 47 453 £'OOO'$ 1141 14841 £'OtsO's 47 453 Fundralslng events Incotne CRC Independent L￿kng ser¥￿es Moblllty SeNres Central Servlces Grange VASD Holway Income Is 15 141 1601 60 85 B5 574 607 574 607 These atnount5 have been deferred because the Income re￿te5 to actwlt*s takSw place In the next financ￿1 year. 35 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH2024 RESTRICTED FUNDS - Group and QEF The fur￿$ Df the charlty mclude re5tncted funds In the forrn of grants and other donated funds rece￿ed In respect Movement irt Fvnds Balan￿ at Iwotning ExpendrftLife BaLin￿ at l Aprll Resources Gains 8nd 31 Marth 2023 Losses 2024 £'OOO'$ £'000'5 £'OOO'$ 115 12541 205 32 126 2024 E'OOO'S 344 CRC Independent L￿InY Servlces MobAty Servte5 Cent￿1 Servlces Resldent5 of The Grange Total QEF 1,075 11,0751 126 15 Z88 75 1,497 77 408 Voluntsry ASSOC. 5urrey Dlsabled Medlcal Englneering Resource 107 60 1,437 47 455 288 The restrttlon & deflned to have been met ￿ money has been spent On thE asset ￿ was ￿tended for. The Funds of the charlty Include restncted funds In rhe forffl of grants and other donated funds Most￿ recefved In respect of captil expendlture. mDvemEnt In funds also In(￿des donatlons for revenue projects that have mostly been spEnt In the year. Movement in Fur at Inujmlrty Expenditure Aprll Resour￿$ Gain5 and 2022 Los50 £'OOO'$ £'000'5 138 72 126 MBIan￿ at 3& March 2023 £'OOO'$ 115 32 126 2023 £'ooo' 453 20 737 CRC JDdependent Llvln9 Servlces Noblity serrf￿eS Centrtl 5ervlces Resldents of The Grange Medlcal En9lneerfng Resource Un 17371 330 715 330 (1,827 288 The trstrttK)n Is deflned to have LEen met If money ha5 been spent on the asset rc was Intended for. io GENERAL UNRESTRICTED FUNDS GROUP 2024 £'OOO's 11,705 293 QEF 2024 £'DOO's 10,967 280 10,68Y 2023 £'OOO's 10,170 2023 £'OOO's 9,826 1,141 10,967 kince brought forward Plei movement of resources h the year Balance tarried forward ANALYSIS OF GROUP A55ETS BETWEEN FUNIJS Ft¢ed A55ets Net Cyedicors fotal Fur Curyent falfrng duè A5set5 after more thart I PeDsvns Deftcrf( Total 2024 2024 £'OOO's £'OOO'$ 455 £'ooo' £'000'5 455 £'OOO's £'OOO's 455 11.412 Restrfcted fund5 Unrestrfcted fund5 10,257 10,257 Tang￿le F6xed Assets Net Cred￿0*$ Total Funds Current fallkng du? ex Pensions Assets after n>ote DefKf( than i year É'000'5 pens￿￿5 Defici( Total 2023 2023 £'OOO's £'OOO's 288 1,223 I,sii £'OOO's 288 £'OOO's 'OOO's 288 11,705 11,993 Restrfcted furmts Unrestricted funds 11.997 36 QEF Queen E112abeth's Foundatlon for Disabled People NOTES TO THE FINANCTAL STATEMENTS Icontdl FOR THE YEAR EJVDED 31 MARCH 2024 12 RECONCILIATION OF MOVEMENT IN FUNDS GROUP 2024 £'OOO's 11,993 126 QEF 2024 £'OOO's 11,241 148 2023 £'OOO's LO,885 2023 £'OOO's 10,163 Openlng funds Net movements of resources the year Closlng fund5 13 GOVERNMENT GRANTS Total operatlng Income In the year ended 31 March 2023 Inchjdes government grants from the Infecilon Control Grant 5chetne of £4k, There were no gr3nts from th15 scheme In 2024. 14 TOTAL RESOURCES EXPENDED Staff Costs Property Costs £'OOO's Depn. other TOTAL 2024 £'OOO's 2024 £'OOO's £'OOO's £'OOO's Charftable Actfvit*S Fundralskng Trading VA5D MERU Grange Devco Support Costs Governance 5,327 484 533 537 65 1,158 228 70 1431 221 108 14 460 76 7,087 712 991 1411 385 1,314 387 150 928 21 256 171 20 1,192 236 131 2,019 76 TOTAL 210 Resources expended In the year hclude the folDwlng'. 2024 £'OOO's 8,614 staff costs Audrfcors Remuneratlon.. Fees payable for the external aud ProfessK)nal Ilabilty Insurance (which inclu(5es Trustee5' indemnycy Insurance) Depre¢latk)n of fixed assets Operatkng lease5 - hire of other a55et5 (excl property) 76 261 Staff ¢05ts Property Costs £'OOO'$ Depn. other TOTAL 2023 £'OOO's 2023 E'OOO'S £'OOO's £'OOO's charfCab￿ ACtDf￿E5 Fundra15￿9 Tradin9 VA5D MERU Grange Devco Support Costs Govemance TOTAL 6,912 396 531 570 68 812 253 59 15 169 8,362 649 971 376 176 794 21 275 1141 260 74 20 440 1,180 14 462 50 1.190 126 2,038 50 10,007 293 Resources expended the year Include the folowlng.. 2023 £'OOO's 10,007 staff cgsts Rernuneratbn.. Fees payable for the external audlc Movetnent in provtslon Fees payable for the internèl audfc Profe55k)nal labllty insurance IwhKh includes Trustees, Indemnty InsurarKel Depreclatlon of fixed assets Operatlng leases- hlre of other assets (excl property) 50 293 37 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 15 ALLOCATION OF SUPPORT COSTS AND PENSIONS ADJUSTMENT Direct Costs Shared Servlces £'OOO's 664 426 210 Pen$ions TOTAL 2024 £'OOO's 5,166 2,317 1,240 2024 É'OOO'$ 4,257 1,760 939 £'OOO's 158 103 61 E'OOO'S 87 28 30 Care & Rehabllltatk)n rndependent L4ving Mobllity Services Other Fundralslng Ttsding V￿D MERU Grange QEF Devebpments 701 969 1371 371 1,295 48 45 141 142 16 20 906 1,176 1371 447 1,325 16 53 li 10,261 450 199 2023 Direct Costs Shared £'OOO's 613 589 133 Penslons £'OOO's 64 67 26 TOTAL £'OOO's 4,784 4,240 1,004 £'ooo' 3,956 3,437 810 £'OOO's 151 147 35 Care & Rehabilitation Independent Llvlno Mobility Services other Fundraising Trading VASD MERU Grange QEF Devek)pments 651 953 33 418 1,147 24 39 109 152 15 799 1,165 35 505 1,186 18 15 60 24 11,409 429 228 16 EMPLOYEES The aveTrge number of persons empbyed by QEF duriw the year was.. Full time 2024 Full tlme 2023 Part tlme 2024 Part tlme 2023 Care & RehabihtatM)n Independent Llvlng ServKes Mobllity Services Ac¢e5ible Aviation Central Serv¢es Fundralslng & Publ￿ttY QEF QEF Trading Ltd MERU Grange GROUP 45 12 33 34 40 25 35 15 15 17 18 96 io 104 12 74 26 86 23 13 132 24 129 26 140 121 38 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 16 EMPLOYEES (Contd) GROUP QEF staff costs-. 2024 £'ooo' 5,893 1,798 512 2023 £'OOQ'$ 6,128 2,958 559 2024 £'OOO's 4,663 1,522 429 2023 £'OOO's 4,874 2,842 472 Sakr￿s and wages Agencv Sockal Security ¢osts Defined benefit pen5i0n scheme cost5 Defined contributlon and other penslon costs Other staff costs Health scherne 194 201 12 211 132 15 166 186 177 122 6,974 8,498 Agency costs are used mainw to cover staff vacancies, partlcukrly where this is essential to meet registered homes staffing lÈvels. In the year ended March 2024, no members of the Board of Trustees were reitnbursed for any expenses Incurred on behalf of QEF 12023.. EOI. The Trustee5 ￿Ce￿ed £675 {2023'. £3,825) remuneratbn In the year. The remUnerat￿n was for one trustee, who wa5 apwinted on a consultancy ba515, to provide interltn support to the fundralslng team due to staff shortages. Key managemenr personnel for QEF Include the Trustees, Chlef Executlve, and other senlor staff reporting dlr&ctly to the Chef Executive. The total employee benefits of the QEF Group's key management personnel were £613k12023: £571kl. Du￿ng the year around 230 volunteers helped QEF. They provide suprM)rt In a variety of ways acr055 the QEF shops as well ès at our Se￿￿e5. The numb&r of ernpbyees earning £60,000 p.a. or more (not Including empbyers NI or etnpbyers pensK>n Contrlbutionsl was.. 2024 2023 £60,000 - £69,999 £70,000 £79,999 £80,000 - £89,999 £90,000 - £99,999 £100,000 - £109,999 ContributlODS to the defined contrlbution scheme by the employer on behalf of these staff was £21,376 (2023.. £20,511) 17 LEGACIES The charity has received notthcation of it5 entitlement to ￿gaCkS estlmated at £720,12912023.. £337,180}. These have been included in the financlal statetnents. 18 VALUE ADDED TAX QFF, beino a reglstered charity, Is unable to recover the rnajor part of VAT incurred on expenditu￿. Where appliabk, expenditure has been Shown Including VAT. 19 CAPITAL COMMXTMENTS Groupand QEF Capltal cOrn[n￿mentS at 31 March 2024 not p￿V￿ed for in these financial statements.. 2024 £'OOO's 2023 É'OOO'S 128 128 Contracted for 39 QEF Queen Elizabeth'5 Foundation for Disabled People NOTES TO THE FINANCIAL ¥fATENENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 20 PENSION COST Deflned benefit sll pah Remeasurements- Impatt of any ctAnges In assJmptK)n5 Remeasurements- amendments to the contrltthlon schedu Prov15knn at end of period 3,645 140 12,0831 5,717 108 12,0831 1971 40 QEF Queen Elizabeth's Foundation for Disabled People NOTES TO THE FINANCIAL STATEMENTS (Contdl FOR THE YEAR ENDED 31 MARCH 2024 20 PENSION COST (Contd) Income and expendkture impact 31 March 2024 31 March 2023 Interest expense Remeasurements - impact of any changes In assumptlons Remeasurement5 - amendments to the contribUt￿n schedu Contr￿bUt10ns pa￿ In respect of future SerV￿e Costs recognised in income and expenditure account 140 108 1971 Assumptions 31 March 2024 31 March 2023 31 Marth 2022 0/0 per annurr 0/0 per annun 0/0 per annum Rate of discount 5.31 5.52 2.35 The dscount rate5 shown above are the equivalent single discount rates which, when used to discount the future ￿£0very plan contributions due. would gwe the same resu5ts as using a full AA corporate bond y￿Id cutve to discount the same recovery plan contributions. The folk)wing schedule detalls the deficit contributions agreed between the company and the at each scheme year end and perbd.. DefKst contributions $thedule Year ending 31 March 2024 31 March 2023 31 March 2022 Year I Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 1,736 2,083 1,736 2,083 2,083 1,736 The company must reCogn￿e a liability measured at the present value of the contrlbutlons payable that arise from the deficlt recovery agreement and the resu￿1￿9 expense In the income and expenditure account i.e. the unwinding of the dlscount rate bs a finance cost in the perfod In whkh fc arLses. It is these contributions that have been used to derive the company's balance sheet IFabillty. 41 QEF Queen Elizabeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YFAR ENDED 31 JiIARCH 2024 20 PENSION COST {Contd) DÈfin¢d contributlon stheme QEF prOV￿e5 efflpbyees wlth the opportunity to loln a Group Personal penS￿n Plin IGPPPI. EmployÈr contribution rate5 vary, for the majority of staff the employer rate ￿ 5D/o, for forrner membets of the final salary penslon schewe ￿ is 9Q/o and for those staff who lolnèd through the auto-enroknent process It wès 40ts. A third party pens￿￿ provvjer hO￿S thÈ 6ssets of the GPPP. The pens￿￿ charge for the year was E194k 12023.. £200kl. The￿ were outstandlng Contributions due at the end of the year of £28,587 12023.. £30,447). A memb&r Df staff at MERU hès their own prwate penslon plan into wh*h the Èmployer contributes 6.50ts of the empknyee's gross sakry prOV￿ed the Èmployee has a made a personal COnt￿but￿}rn. The pensKin charge for the year was £1,158 12023.. £1,164). There were no outstandlng tontributions due at the end of the year12023.. 21 LONG TERM LIABILITIES The dèftned beneff( pensknn scheme defKt was transf&rrÈd over to the Penslon ProtectK)n Fund IPPFI ￿eSu￿￿1g in £30m king-term loan to QEF. The £30m ban comprisÈd two ban notes,. the Sale Note instrument for £7.5m to be repaNJ through property d6wsab and the Term Note instrument for £22.5m to be repa￿ over 30 years at £750k per anTru￿. The PPF has flrst tharge over all QEF building5, The Sak Loan Note5 of £7.5m have b@&n repa￿ in full by th& d15P05al of the sices In BÈnsteèd and DorSncourt. Net proceeds (after cost51 of £4,9rn were raked from the Sa￿ of the Banstead site (where the former RehabIl￿at￿> Centre was based) In October 2020 and £2.9m frorn the Sa￿ of the site in Dorincourt In October 2023. In accordance wlth the PPF ban agreement, the rernaining disposal proceeds of £0.2m were deducted from the end of the Tem Note. Inte￿5t of 2Yo was Payab￿ on the amounts outstanding Sale Loan note. The bèlante on the outstandlng Term notes at 31 M3rth 2024 was £2L.6m. Interest of 2% ￿ accruing on deferred pèyments of £1.2m. The total amount outstanding to th& PPF at 31 March 2024 undèr both roan notes was £21.6rn 12023.. £24.5ml. On initkil recognltlon, the term notes were dlscounted at 4D/o over the term of th& loan and and are subsequently rneasured at amort15ed cost Using 4% as the effeCt￿e interest rate. The total amount outstanding at 31 March 2024, at amortlsÈd tost, was £10.3m12023.. £13.2ml of whkh £0.4￿ ￿ due wthin one year and the baLAnce of £9.9m due after onÉ year, In 2021, QEF was 155ued a roan of E750k under the Coronovlrus Business InterrUpt￿n Loan Scheme lcBI￿). The ban was repayable over 60 months from September 2021 and after an interest frÈe period of l year, interest Is payab￿ at 1.88Vo pa + base rate. The arnount outstanding at 31 March 2024 was £443k12023.. £601kl of wh￿h £168k ￿ due wychh l year and the balance of £265k ￿ due after one year. Total knan rep8yable'. 2024 EOOO'S 10,336 433 2023 £OOO'$ 13,234 601 PPF CBfLS Loans fall due.. 2024 £OOO's 610 1,911 8,248 10,769 2023 ÉOOO'S 784 4,992 Under l year within 2-5 years After more than 5 years 13,835 Included in long term Ikèblltt*s, are the MERU and QEF Trading prOv￿lOnS for dIlapdat￿TrS and the VASD pen5¥Jn prOv￿￿ll, which all relate to more than one year. The bre8kdown of bng tem) l&abilitle5 are as follows.. 2024 £OOO's 9,894 265 57 43 2023 £OOO's 12,605 433 PPF CBLLS MERU provis￿￿ for dIlap￿at￿ns QEF Trading provislon for dlLapldations VASD penS￿n provÈh)n 58 42 QEF Queen Ellzabeth's Foundation for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2024 22 LEASE COMMITMENTS Al 31 March 2024 the group had non-cancelkible total commitments under operatlng ￿aSe5 for propertEs, whlch expire= 2024 £OOO's 2023 £OOO's Under I year Wtihin 2-5 years After MO￿ than 5 years 483 1.238 666 2,387 311 864 806 1,981 The value of lease payment5 recognised as an expense during the year was E572k12023'. E568kl. 23 GRANTS RECEIVED 2024 É'OOO'S 2023 £'OOO's Department ft)rTranswrt Motability Retail Grant Scheme Infectbn Control and COVID Gnnts other 921 104 617 42 48 60 723 24 RELATED PARTY DISCLOSURES Durlng the year Queen Elizabeth FoundatK)n for Di5abkd People charged management fees to its SUbs￿var￿8 as folltsws.. 2024 2023 The Voluntary Assock?tlon for Surrey Dlsabled Ltd Medical Engineering Resource Unit QEF Tradlng Ltd 67,548 £ 75,493 £ 179,266 £ 190,844 Queen Ellzabeth's Foundation for Disabled People recewed donatlons fmm The Grange (20161 Ltd for £214k 12023.. £ 150kl. Queen Elizabeth's Found3tbn for Di￿ab￿d People abo received donatbns from QEF Ret3il Tradlng Umlted for £104k12023.. £93kl. Included withln creditors at year end for Queen EIEabeth Foundatlon for dISab￿d people are the folbwlng balances with subsidiaries.. 2024 81,744 4,429 7,927 £ 972,308 £ 621,821 2023 QEF Trading Ltd QEF Devekjpments Limrted The Voluntary A550cbtlon for Surrey DIsab￿d Ltd The Grange 120161 Ltd Included wlthln debtors at year end for Queen EIEatEth Foundatk)n for dsabled peopk a￿ the following baL4nces with sUbS￿larIeS.. 2024 2023 £ 183,204 £ 247,714 9,014 87,141 £ 15,697 Medical Engineering Resource Unf( QEF Trading Ltd The Grange120161 Ltd 25 CoP￿ROL The Charitab￿ company Is under the control of Its members. No one member has suffrcEnt votlng rthts to contml the chartiable company. 43 QEF Queen Elizabeth's Foundation for Disabled People NOTES TO THE FINANCIAL STATEMENTS Icontdl FOR THE YEAR ENDED 31 MARCH 2tP24 26 RECONCILIATION OF NET MOVEMENT IN FUNDS 2024 £'OOO's 2023 £'OOO's QEF Incorning Resources QEF Resour¢es Expended QEF Operating (Def￿￿1/ Surplus 12,361 14,622 11851 900 Other movement5 in Funds 59 208 Net movement In Funds on SOFA 126 44